HT1 - Q2 2023 results improve QoQ but still trail expectations - Earnings Flash
  • 2023-07-21T00:00:00
  • Company Research

- HT1’s Q2 2023 results improved QoQ but were weak YoY. In Q2 2023, revenue was VND2.0tn (USD84.7mn; +18% QoQ & -16% YoY) and NPAT-MI was VND59bn (USD2.5mn; -57% YoY) vs a loss of VND86bn (USD3.6mn) in Q1 2023.

- HT1’s Q2 2023 cement sales volume rose by 22% QoQ to 1.5 million tonnes from a low base in Q1 2023 but still declined by 17% YoY. HT1’s H1 2023 cement sales volume was 2.7 million tonnes (-18% YoY).

- The turnaround of net profit in Q2 2023 was mainly driven by gross margin expanding to 10.3% from a low of 4.5% in Q1 2023 because 1) sales volume picked up in Q2 2023, 2) HT1 cleared its high-cost coal inventory in Q1 2023, and 3) there was no additional maintenance in Q2 2023 as in Q1 2023. 

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